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Forex: US Dollar Index in red around 82.20/25

FXstreet.com (Barcelona) - The greenback, measured by the US Dollar Index, is trading in the red figures on Monday, extending the negative momentum since last week’s tops above the 83.00 handle.

“It is our view that the FOMC meeting this week will be focussed on assessing the size and impact of the spring slowdown and our current best guess is that the Fed will not slow down the pace of asset purchases until Q1 2014, before terminating QE3 altogether later in 2014… Bearing in mind this view, it would appear to us that the market at the start of the year priced in too much good news into the USD, particularly with respect to the timing of any paring back of QE3 by the Fed”, assessed Jane Foley, Strategist at Rabobank.

As of writing, the index is down 0.76% at 82.21 and according to tradingcentral.com, the next support levels line up at 82.10, 82.00 and 81.90 while resistance levels are located at 82.50, 82.65 and 82.85.

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